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CSC 2Q Net Off 15% As Revenue, Margins Weaken; View Mixed

DOW JONES NEWSWIRES CSC's (CSC) second-quarter earnings fell 15% as the information-technology company reported weaker revenue and margins along with sharply higher taxes. It raised its profit target for the year by 5 cents to $5.35 to $5.45 a share but lowered its revenue view to $16.5 billion to $17 billion from $16.8 billion to $17.2 billion. The information-technology services company, which provides services from consumer-credit information to online-data security, has benefited from increased IT outsourcing. For the quarter ended Oct. 1, CSC reported a profit of $184 million, or $1.18 a share, down from $216 million, or $1.40 a share, a year earlier. Revenue decreased 1.6% to $3.98 billion. Analysts polled by Thomson Reuters most recently forecast earnings of $1.17 on revenue of $4 billion. Gross margin fell to 20% from 20.4%. CSC's managed-services segment, which is its largest by revenue and which mainly covers government contracts, saw revenue edge up 0.1%. Its North American public-sector business reported revenue declined 4.5%. Shares closed Tuesday at $48.79 and were down 1.4% premarket to $48.10. -By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com;

Stock News for Computer Sciences (CSC)
DateTimeHeadline
02/11/201613:13:05Amended Statement of Ownership (sc 13g/a)
02/10/201617:23:00Current Report Filing (8-k)
02/10/201617:10:52Notification That Quarterly Report Will Be Submitted Late (nt...
02/09/201617:05:28Current Report Filing (8-k)
02/09/201616:57:00Newly-Separated CSC Delivers Earnings Growth and Margin Expansion...
02/04/201616:30:00CACI Taking a Break From Deals
02/02/201615:00:00CSC Position Paper Guides Insurers on the Challenges and Benefits...
02/02/201608:30:00CSC to Report Third Quarter 2016 Results on Tuesday, February...
01/28/201616:06:00Statement of Changes in Beneficial Ownership (4)
01/28/201616:06:00Statement of Changes in Beneficial Ownership (4)
01/28/201616:06:00Statement of Changes in Beneficial Ownership (4)
01/27/201609:01:00CSC Receives XCelent Award for EMEA Policy Administration System
01/27/201609:00:00Gartner Positions CSC in the ‘Leaders’ Quadrant of the 2015 Mag...
01/26/201608:22:44Amended Statement of Ownership (sc 13g/a)
01/25/201615:00:00CSC CTO Position Paper Series Explores the Digital Enterprise...
01/21/201616:19:23Current Report Filing (8-k)
01/20/201616:47:30Statement of Changes in Beneficial Ownership (4)
01/20/201616:47:30Statement of Changes in Beneficial Ownership (4)
01/15/201614:00:00CSC Embraces IBM Cloud to Accelerate Hybrid Cloud Adoption
01/06/201615:00:00Independent Research Firm Names CSC a “Leader” in Global Wor...

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